Difficulty Adjustment on Horizon: Are Miners Going to Save Bitcoin After All?0.85

Miners have been attributed to much of the price decline from the US$6,000 range, and they may very well be responsible. When miners flocked to Bitcoin Cash before the SV fork to chase double rewards, Bitcoin started to tumble. As prices continued to drop, so did the number of miners forging blocks. However, they still may be the saving grace that turns the entire market around.

The Bitcoin hashrate briefly reached an all-time high of over 60 exahash per second (EH/s) on November 1, before free-falling to recent lows of 35 EH/s, a drop that almost resulted in a halving of hashrate on the network. The total hashrate represents the composite computing power of every miner on the network. As more and more miners swapped chains or shut off completely, this number continued to dwindle.